Best States for Savers (2026)
How far your savings go depends on where you live. A $20,000 emergency fund covers 6 months in Mississippi but barely 3 months in Hawaii. This guide ranks states where your money stretches furthest, combining cost of living with income potential for maximum savings power.
- Oklahoma ranks #1 with the lowest cost of living at 83.5.
- Hawaii ranks last at 184.8 — the highest among all states.
- The top 5 states are Oklahoma, Alabama, Mississippi, Kansas, West Virginia.
- The ranking basis, source limitations, and calculation method are documented in the Methodology section below.
Top 3 States
All 50 States Ranked
Lowest to highest by cost of living
| # | State | Cost of Living | Median Income | Top Tax Rate | Calculator |
|---|---|---|---|---|---|
| 1 | Oklahoma | 83.5 | $66,148 | 4.50% | Savings Goal Calculator |
| 2 | Alabama | 85 | $66,659 | 5.00% | Savings Goal Calculator |
| 3 | Mississippi | 86.2 | $59,127 | 4.00% | Savings Goal Calculator |
| 4 | Kansas | 87.6 | $75,514 | 5.58% | Savings Goal Calculator |
| 5 | West Virginia | 87.9 | $60,798 | 4.58% | Savings Goal Calculator |
| 6 | Indiana | 88.3 | $71,959 | 2.95% | Savings Goal Calculator |
| 7 | Iowa | 88.6 | $75,501 | 3.80% | Savings Goal Calculator |
| 8 | Missouri | 88.6 | $71,589 | 4.70% | Savings Goal Calculator |
| 9 | Tennessee | 88.9 | $71,997 | 0.00% | Savings Goal Calculator |
| 10 | Arkansas | 89.1 | $62,106 | 3.90% | Savings Goal Calculator |
| 11 | New Mexico | 89.9 | $67,816 | 5.90% | Savings Goal Calculator |
| 12 | Georgia | 90.6 | $79,991 | 4.99% | Savings Goal Calculator |
| 13 | North Dakota | 90.7 | $77,871 | 2.50% | Savings Goal Calculator |
| 14 | Texas | 90.7 | $79,721 | 0.00% | Savings Goal Calculator |
| 15 | Louisiana | 91.1 | $60,986 | 3.00% | Savings Goal Calculator |
| 16 | Nebraska | 91.3 | $76,376 | 4.55% | Savings Goal Calculator |
| 17 | South Carolina | 91.9 | $72,350 | 5.21% | Savings Goal Calculator |
| 18 | Kentucky | 92.5 | $64,526 | 3.50% | Savings Goal Calculator |
| 19 | Minnesota | 93.4 | $87,117 | 9.85% | Savings Goal Calculator |
| 20 | Ohio | 93.7 | $72,212 | 2.75% | Savings Goal Calculator |
| 21 | Wyoming | 93.7 | $75,532 | 0.00% | Savings Goal Calculator |
| 22 | Michigan | 93.9 | $72,389 | 4.25% | Savings Goal Calculator |
| 23 | South Dakota | 94.1 | $76,881 | 0.00% | Savings Goal Calculator |
| 24 | Illinois | 95.1 | $83,211 | 4.95% | Savings Goal Calculator |
| 25 | Pennsylvania | 96.2 | $77,545 | 3.07% | Savings Goal Calculator |
| 26 | North Carolina | 96.6 | $73,958 | 3.99% | Savings Goal Calculator |
| 27 | Wisconsin | 97.4 | $77,488 | 7.65% | Savings Goal Calculator |
| 28 | Virginia | 99.1 | $92,090 | 5.75% | Savings Goal Calculator |
| 29 | Utah | 100.6 | $96,658 | 4.50% | Savings Goal Calculator |
| 30 | Florida | 100.7 | $77,735 | 0.00% | Savings Goal Calculator |
| 31 | Nevada | 100.7 | $81,134 | 0.00% | Savings Goal Calculator |
| 32 | Delaware | 101.7 | $87,534 | 6.60% | Savings Goal Calculator |
| 33 | Idaho | 101.7 | $81,166 | 5.30% | Savings Goal Calculator |
| 34 | Colorado | 101.8 | $97,113 | 4.40% | Savings Goal Calculator |
| 35 | Montana | 105.9 | $75,340 | 5.65% | Savings Goal Calculator |
| 36 | Arizona | 107.6 | $81,486 | 2.50% | Savings Goal Calculator |
| 37 | Oregon | 109.6 | $85,220 | 9.90% | Savings Goal Calculator |
| 38 | New Hampshire | 110.1 | $99,782 | 0.00% | Savings Goal Calculator |
| 39 | Rhode Island | 111.2 | $83,504 | 5.99% | Savings Goal Calculator |
| 40 | Vermont | 113 | $82,730 | 8.75% | Savings Goal Calculator |
| 41 | Connecticut | 114.2 | $96,049 | 6.99% | Savings Goal Calculator |
| 42 | Maine | 114.6 | $76,442 | 7.15% | Savings Goal Calculator |
| 43 | Washington | 114.6 | $99,389 | 0.00% | Savings Goal Calculator |
| 44 | New Jersey | 118.8 | $104,294 | 10.75% | Savings Goal Calculator |
| 45 | Maryland | 121.1 | $102,905 | 6.50% | Savings Goal Calculator |
| 46 | New York | 124.7 | $85,820 | 10.90% | Savings Goal Calculator |
| 47 | Alaska | 129 | $95,665 | 0.00% | Savings Goal Calculator |
| 48 | California | 140.5 | $100,149 | 13.30% | Savings Goal Calculator |
| 49 | Massachusetts | 147.8 | $104,828 | 9.00% | Savings Goal Calculator |
| 50 | Hawaii | 184.8 | $100,745 | 11.00% | Savings Goal Calculator |
Methodology
How we collected and ranked the data
States are ranked by cost of living index (ascending) — lower cost of living means savings cover more months of expenses. We include median income to contextualize how much residents can realistically save. The ideal savings state has low cost of living AND decent income. Data from BLS and Census Bureau.
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View all 107 state comparisonsFrequently Asked Questions
Which state is best for building savings?
States with low cost of living and no income tax offer the best savings potential: Texas, Tennessee, and Florida combine zero state tax with moderate living costs. In Mississippi (lowest COL), a family earning the median income can save 30% more than in California after accounting for expenses.
How much should I have in savings?
Financial experts recommend 3-6 months of expenses as an emergency fund. In low-cost states like Mississippi or Arkansas, that's roughly $15,000-$25,000. In high-cost states like California or New York, it's $30,000-$50,000+. Beyond that, aim to save 15-20% of gross income for retirement.